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| products ability to satisfy a customers needs or requirements |
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| made up of a mixture of services and goods |
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| is the set of all product lines and individual products that a firm sells |
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| is a set of individual products that are closely related. sold to the same target market |
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| is a particular product within a product line |
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| Convenience (staples, impulse, emergency), shopping (homogeneous and heterogeneous), specialty, and unsought (new and regular) products |
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| Installations, expense items, capital items, accessories, raw materials, components, supplies, professional services |
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| the demand for business products derives from demand for final consumer products |
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| if prices are dropped the quantity demanded will stretch enough to increase total revenue |
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| although the quantity demanded increases if the price is decreased, the quantity demanded will not stretch to avoid a decrease in total revenue |
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| a word, letter, or group of words and or letters |
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| those words, symbols, or marks that are legally registered for use by a single company |
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| words, symbols, r marks that are legally registerec for use by a single company to refer to a service offering |
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| a 1946 law that spells out what kinds of marks and brand names can be protected and the exact method of protecting them |
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| how well customers recognize and accept a company's brand |
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| potential customers wont buy a brand unless its image is changed |
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| customers remember the brand |
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| target customers usually choose the brand over other brands, perhaps because of habit or favorable past experience |
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| customers insist on a firms branded product and are willing to search for it |
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| the value of a brands overall strength in the market |
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| the stages a new product idea goes through from beginning to end |
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| a stage of the product life cycle when sales are low as a new idea is first introduced to a market |
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| a stage of the product life cycle when industry sales grow fast, but industry profits rise and then start falling |
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| a stage in the product life cycle when industry sales level off and competition gets tougher |
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| a stage of the product life cycle when new products replace the old ones |
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| as idea that is fashionable only to certain groups who are enthusiastic about it, but these groups are so fickle that a fad is even more short lived than a regular fashoin |
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| currently accepted or popular style |
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| a product that is new in any way for the company concerned |
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| the legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products |
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| consumer product safety act |
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| a 1972 law that set up the consumer product saftey commision to encourage more awareness of safety in product design and better quality control |
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| getting reactions from customers about how well a new product idea fits their needs |
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| manage specific products often taking over the jobs formerly handled by an advertising manager |
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| manage specific products, often taking the jobs formerly held by an advertising manager also called product managers |
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| total quality managment(TQM) |
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Definition
| the philosophy that everyone in the organization is concerned about quality throughout all of the firms activities, to better serve customer needs |
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| making goods and services available in the right quantities and locations when customers want it |
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| any series of firms or individuals who participate in the flow of products from producer to final user or consumer |
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| direct communicatino between a seller and an individual customer using a promotion method other than face to face personal selling |
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| the difference between the quantity of products it is economical for producers to make and quantity products the consumers normally want |
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| discrepancy of assortment |
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Definition
| the difference bewteen the lines a typical producer makes and the assorment the final consumers or users want |
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| collecting products from many small producers |
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| dividing larger quantities into smaller quantities as products get closer to the final market |
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| separating products into grades and qualities fesired by different target markets |
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| putting together a variety of products in order to give a target market what it wants |
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Term
| traditional channel systems |
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Definition
| a channel in which the varius channel members make little or no effort to cooperate with each other |
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Definition
| a manager who helps direct the activities of a whole channel and tries to avoid, or solve channel conflicts |
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Term
| corporate channel systems |
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Definition
| corporate ownership all alonf the channnel |
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| administered channel system |
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Definition
| various channel members informally agree to cooperate with each other |
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Term
| contractual channel system |
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Definition
| various channel members agree by contract to cooperate with each other |
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